Business

Simple Business Plan in India | Optimise Your Business for Maximum Success

Running a startup or a small business in India can be walking on thin ice with these intricate regulatory environments, the intense competition, and the emerging digitalised world. Small businesses in India have a profit margin of 10% to 15%, depending on the industry. The profit margin may go down further when it comes to heavy competition. So, it is hard for a startup or small business to profit. However, creating a well-planned business plan and optimising the business can save your startup or existing business from these threats.

Optimising Your Business

Many MSMEs face challenges in their day-to-day activities, from productivity issues that cause low-profit margins to a lack of credit or limited marketing abilities. These issues can be addressed easily by effectively optimising the business. But how will you optimise your small business? Identify challenging areas and implement actions to improve them. Here are some simple ways to optimise your small business in India.

Online Presence

Build a strong online presence for your business to survive in this growing digital era. A survey says the number of people who search for local services and products with a ‘nearby’ tag has increased by 500% in recent years. For example, you can list your business in Google My Business, ask your customers to leave a positive review, create an SEO-friendly website, and more. Create a compelling social media presence on Facebook and Instagram.

Build Loyalty

Customer satisfaction is the foundation of any successful business. Although customers have thousands of other options to meet their needs, only if you provide a quality service or product will they stick with you. Be prompt when addressing customer queries, gather feedback, and provide ongoing support. Customer relationship management (CRM) tools can help you track customer interactions and transactions, drive engagement, and ultimately build a long-term relationship with them.

Financial Support

Protect your business by accessing government plans like MUDRA loans, Stand-Up India, and various state-specific schemes. Fortunately, some financial institutions offer business loans, working capital loans, and Loans Against Property to promote MSMEs. Use reminder apps to make the repayments punctually. Get support from business coaches for entrepreneurs in India to improve your financial stability.

As an additional tip to optimise and grow your business, look for government schemes or state programmes that could benefit your business, including financial and infrastructure support and market permits. Government schemes like ‘Make in India,’ ‘Startup India,’ and ‘Skill India’ support those who need financial and other aid to expand their businesses in India. If you have doubts about optimising your business, you can opt for help from an experienced business coach in India.

Why Need a Business Plan?

An excellent business plan is key to optimising your business in India. Suppose you wonder why you need a business plan to run a successful business. In that case, creating a business plan will help you describe a company’s business strategy, recognise possible threats, and determine essential resources. Many small business owners have seen success by incorporating business plans.

A business plan is a meaningful, deliberate document summarising an organisation’s structure, marketing plans, and goals to achieve within a time frame. It includes market research, financial forecasts, the organisation’s setup, and operational systems. A business plan helps you stay on track, drive more sales, and achieve your goals. It also invites investors and partners to your business. Let’s look at the basic elements of creating a simple business plan in India.

Executive Summary

The business summary is the first thing that catches the eyes of investors and moneylenders. Make it impressive enough to make any investors invest in your business. It includes your business name, mission statement, vision, and values and roughly describes your service and the marketplace for your business.

Company Description

The description of your business must include specific information about your business, such as registered name, address, and key customers. It should also include organisations or businesses your company plans to pitch in, such as whether it’s a business-to-business (B2B) or business-to-consumer (B2C). Finally, it should include the solution you provide with your services/products.

Market Research and Competitive Analysis

Market research includes your target market area, niche customers, and competitors. Do some research about the supply and demand in your industry, your target area, and current industry trends. Analyse and understand the marketplace and what customers value.

Study your key competitors in your niche area and devise solutions that distinguish your business from them. For example, if your competitor provides the same service as yours, you can offer added-value services or loyalty programs that attract customers towards you. Doing SWAT analysis will help you give a picture of strengths, weaknesses, opportunities, and threats.

Business Structure

Under this section, list the roles and responsibilities of the team members and key personnel. Study your business and its legal structure. Each business structure influences taxation, individual liabilities, capacity to grow capital, and more. Your organisation can be categorised under a sole proprietorship, partnership, Limited liability company (LLC), C corporation, or S corporation. Choose the best business coach in India, like Amit P Nahar, to know which category your company comes under and what legal benefits and complications it has.

Marketing Plans

With a marketing plan, you will list all the ways of marketing your products and services. Whether you use marketing campaigns, offer discounts, or use different social media channels to promote your services, you can make a brief list in this section. You can engage in social media activities on LinkedIn if you are a B2B entity or in Facebook and Instagram activities if you focus on consumer services. Set measurable goals with a timeline, including milestones and key performance indicators (KPIs) that you will use to measure your success.

Create Funding and Financial Plans

Before starting financial plans, you should have a good idea of your current funds and how much more you need for your business over five years. Then, plan which areas to use those funds, such as new equipment, paying rent, employee wages, or covering specific bills. Several funding options are available for small businesses: bank loans, crowdfunding, investors, small business administration loans, and small business grants.

Besides the funding plans, you can include an overview of forecasted financial statements for the next few years. For example, you can use forecasted income statements, balance sheets, cash flow statements, and funds expense budgets. It includes statements and projections, along with any essential funding proposals.

For instance, you can include that your sales will see 30% profit in the first year and 15% more growth in the next consecutive years. We aim to generate Rs.4,00,000/- in the first financial year. We have received Rs.2,00,000/- from the owners for capital requirements and a loan of Rs.2,00,000/- to boost the rest. If you want a clear idea of forecasting funding and finance, hire the best business consultants in India. Amit P Nahar, a Chartered Accountant and Master of Financial Management has yielded over 1446Cr+ for his clients in the past 15 months.

Conclusion

Optimising your business in India is essential for its growth. A business plan serves as a roadmap for business growth and an instrument to guarantee essential funding. Creating a simple business plan in India with the help of a top business coach in India, whether to attract potential investors or use it for internal reference, can yield long-term results. Amit P Nahar is an experienced business coach and serial entrepreneur who has remodelled the fortunes of manufacturers, refineries, rice millers, traders, realtors, hoteliers, educationists, and service professionals, influencing more than 5,000 businesses internationally. Stay informed with our latest updates by following Amit P Nahar on LinkedIn.